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Pakistani carpet exports slide by 50%

10
Apr '10
Over the last two years a vertical fall has been noted in carpet exports, thanks to the sluggish growth of exports coupled with scarcity of skilled labour, fall in global demand and higher rates of export refinance.

Carpet exporters are blaming the global meltdown as the main cause that has adversely affected carpet exports and according to them, over the last two years, exports have come down to US $150 million from $300 million, a fall of over 50 percent.

Exporters elucidated that, they send their export shipments on delivery against acceptance basis, while the purchasers are required to remit the export proceeds within the time limit as stipulated by the State Bank of Pakistan (SBP). But owing to a considerable fall in sales in the United States, the buyers are unable to release payments within the time prescribed.

They apprehend that, in the prevailing situation, it would implausible to think of receiving timely payments, with several buyers claiming insolvency.

The Central Bank, last year let go many exporters without penalising them heavily for their failure to adhere to the set rules and regulations, he said and added that, this year though similar situations prevail, but till date no relief has been announced by the State Bank.

Delayed payments and similar other problems have forced many of the exporters to go in for other businesses. Carpets fall under the category of home textiles and the refinance rate in respect of the same is five percent, but carpet exporters are required to pay nine percent.

Turkey, Russia and China have been recognized as the budding markets for carpet exports, but unavailability of funds is holding back the carpet exporters from attending any exhibitions in these countries.

Fibre2fashion News Desk - India


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